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Cabo Verde hosts hybrid 2021 African Economic Conference on financing development in the Covid-19 era

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Heads of state and senior policymakers are expected to share their perspectives on how to reshape Africa’s development financing m

Cabo Verde hosts hybrid 2021 African Economic Conference on financing development in the Covid-19 era

By: Michael Mike, Abuja

Heads of state and senior policymakers are expected to share their perspectives on how to reshape Africa’s development financing models at the 2021 African Economic Conference, which kicks off on Thursday 2 December.

Cabo Verde Deputy Prime Minister and Minister of Finance Olavo Correia said the conference offered “an extraordinarily important moment” to chart the continent’s development course, including ways to mobilize domestic resources, and create modern and efficient fiscal and tax systems. 

He said this was especially important in light of the COVID-19 pandemic. Correia said it was also an opportune time to explore ways to fight tax evasion, fraud and other offences that drain resources.

The 2021 edition of the African Economic Conference is being hosted by the government of Cabo Verde in a hybrid format, in line with pandemic health guidelines. A small group of conference participants will gather in Sal, a popular tourist destination in the archipelago nation. 

The rest will take part virtually. The conference is jointly organized by the African Development Bank, the Economic Commission for Africa and the United Nations Development Program.

Also Read: 100 days of Strengthening Emergency Preparedness, Response,…

The partners have assembled leading thinkers, including Nobel Laureate Roger Myerson, Olavo Avelino Garcia Correia, Vice-Prime Minister and Minister of Finance, Cabo Verde, Masood Ahmed, President, Center for Global Development and Samba Bathily, CEO Africa Development Solutions Group, to deliberate on the continent’s most pressing challenges. Discussions will focus on enhancing Africa’s position in the international financial system, reimagining development financing and domestic public and private resource mobilization in the age of the digital revolution, among others.

Africa’s economy is projected to grow on average by 3.4% this year, after the worst recession in 50 years in 2020. However, growth could be negatively impacted by the slow pace of vaccination and the uncertainty of emerging variants such as Omicron, made public last week by scientists in South Africa. The conference ends on 4 December.

“The COVID-19 pandemic has taught us that business as usual will lead to failure,” said Raymond Gilpin, Chief Strategy, Analysis & Research Team, in the UNDP Regional Bureau for Africa. “This conference provides the space to look at innovative solutions and sustainable options that are available to financing development for African countries. During the conference we will explore 36 innovative empirical analyses that propose ways to do development differently. The 2021 African Economic Conference will provide us with a unique opportunity to contribute to a much-needed reset across Africa.”

“Increasingly, Africa is looking to capital markets as a source of financing, taking into account how Africa’s financial structure or landscape will look going forward, with debt sustainability considerations. We hope that this conference will provide an opportunity for African governments to structure projects that the private sector can finance as part of the recovery process,” said Bartholomew Armah, Director of the Macroeconomic and Governance Division at the Economic Commission for Africa.

Hanan Morsy, Director of Macroeconomic Policy, Forecasting and Research at the African Development Bank, said: “Financing Africa’s development post-COVID-19 will require out-of- the-box solutions to mobilize more domestic resources, attract more private investments, and utilize external resources more efficiently. This year’s AEC will provide concrete and implementable policy recommendations on how to achieve that triple objective, by leveraging the rich and extensive experience of high-level policymakers, development practitioners, private sector actors, academics and other stakeholders who will attend the conference.”

Cabo Verde hosts hybrid 2021 African Economic Conference on financing development in the Covid-19 era

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EU Declares Nigeria Matters to Us

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EU Declares Nigeria Matters to Us

… Reiterates Commitment to Strengthen Long Standing Partnership

By: Michael Mike

The Chairman of the European Parliament’s Committee on Foreign Affairs, David MacAllister on Monday declared the importance of Nigeria to the bloc, stating that Nigeria “matters” to us.

He also reiterated the bloc’s commitment to strengthening its long-standing partnership with Africa’s largest democracy, Nigeria.

MacAllister, who led a six-member European Parliament delegation on an official visit to Nigeria on Monday, after a meeting with the Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar disclosed that their mission to Nigeria was designed to deepen mutual understanding, explore new areas of collaboration, and reinforce political and economic ties between both sides.

He said: “We are a delegation of the European Parliament’s Foreign Affairs Committee, We are six members in total from five different countries, from three different political groups in the European Parliament. And this shows a cross-party interest in further deepening and strengthening the relations between the European Union and Nigeria.”

MacAllister while describing Nigeria as a strategic partner whose influence on the continent and beyond makes it an indispensable ally in shaping Africa–EU relations, said: “Nigeria is considered as a strategic partner for the European Union. “We have a long-lasting, good and close relationship based on shared values and also on joint interests.”

He noted that the visit was part of the Parliament’s tradition of engaging directly with partner nations to better understand their challenges and opportunities.

He said: “The European Parliament’s Foreign Affairs Committee travels with smaller delegations a few times a year to other parts of the world,” adding that: “We mainly travel to get to know better the countries, to understand better the challenges these countries are facing, and also the opportunities these countries have. And we are also there to very carefully listen.”

MacAllister while expressing appreciation to Nigeria’s Minister of Foreign Affairs for hosting the delegation, noted that their discussion was insightful and covered a broad range of regional and global issues.

He said: “It was a great honour for us to be received by the Honourable Minister. His Excellency took more than one and a half hours of his precious time to really go into detail with many, many questions we had as regards the further development of the African Union, the further development of ECOWAS, and the developments in all neighbouring countries of Nigeria.”

He said the dialogue also reflected a shared interest in understanding the trajectories of both regions, stating that: “The Minister was also very interested in finding out how the further developments of the European Union will look like.”

He said: “Because just like Nigeria, just like ECOWAS, we in the European Union, of course, are also facing enormous challenges.”

He reaffirmed that Nigeria remains a vital partner in Europe’s engagement with Africa, stating that: “To sum up in one sentence — Nigeria matters. Nigeria matters for us in the European Union, and we in the European

Parliament are very keen to deepen the strategic partnership with Nigeria. And this will be our message when we go back home to Brussels.”

Responding, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, welcomed the lawmakers to the Ministry of Foreign Affairs, describing the European Union as a critical partner in trade, security, and development.

He said: “Any visit from the European Union has to be considered very important because Europe still remains our largest trading partner,” adding that: “Figures may vary, but it is not less than 31.8 billion euros.”

He described Europe and Africa as “natural neighbours,” emphasizing that geography should unite rather than separate the two continents.

He said: “For those who understand a bit of Latin, ‘Mediterranean’ means ‘water in the middle of land. So where Europe is concerned in its relations to Africa, what we have is water in the middle of land—we are closer than we imagine.”

He noted that Nigeria’s partnership with the EU extends beyond trade, touching on regional stability, food security, and job creation.

Tuggar said: “President Bola Ahmed Tinubu emphasizes food security as his number one priority because we are a nation of 230 million people, expected to become 400 million by 2050. We are in a race against time to create jobs, feed our people, and ensure our population is healthy.”

He added that Nigeria’s recent inclusion as the 77th shareholder of the European Bank for Reconstruction and Development reflects its commitment to global economic cooperation.

He saud: “We have a lot of lessons to learn from the European Union, which itself is still integrating. It gives us hope and serves as a model that we seek to emulate. We will continue to strengthen our collaboration with the EU in all areas.”

Other members of the European Parliament delegation included Christophe Thomas (France), Jaliana Lefebvre (Croatia), Marta Emigo (Portugal), and Tim Kenan (Finland).

EU Declares Nigeria Matters to Us

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PRESIDENT TINUBU CHANGES SERVICE CHIEFS

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PRESIDENT TINUBU CHANGES SERVICE CHIEFS

By: Our Reporter

President Bola Tinubu has made changes in the hierarchy of the Service Chiefs in furtherance of the efforts of the Federal Government of Nigeria to strengthen the national security architecture.

The President appointed General Olufemi Oluyede to replace General Christopher Musa as the new Chief of Defence Staff. The new Chief of Army Staff is Major-General W. Shaibu. Air Vice Marshall S.K Aneke is Chief of Air Staff while Rear Admiral I. Abbas is the new Chief of Naval Staff.

Chief of Defence Intelligence Major-General E.A.P Undiendeye retains his position.

The President, Commander-in-Chief of the Armed Forces, expresses most profound appreciation to the outgoing Chief of Defence Staff, General Christopher Musa and the other Service Chiefs for their patriotic service, and dedicated leadership.

The President charges the newly appointed Service Chiefs to justify the confidence reposed in them to further enhance the professionalism, vigilance and comradeship that define the Armed Forces of Nigeria.

All appointments take immediate effect.

PRESIDENT TINUBU CHANGES SERVICE CHIEFS

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Nigeria-Germany Trade Volume Hits €3 billion – Envoy

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Nigeria-Germany Trade Volume Hits €3 billion – Envoy

By: Michael Mike

Nigeria-Germany trade volume has hit an all-time high of €3 billion, the German Ambassador to Nigeria, Annett Gunther said on Thursday

The envoy who addressed a press conference in Abuja said the 30% increase could be attributed to Nigeria’s economic recovery.

Gunther who called the press conference ahead of the joint Nigerian-German binational commission scheduled for Berlin, in German, noted that Nigeria remains “Germany’s second biggest trading partner in Sub-Saharan Africa with a total trade volume of 3 billion Euros,” adding that: “Trade volumes have increased this year by 30% due to Nigeria’s economic recovery.”

The envoy equally revealed that more than 90 German companies are active in the country, “indirectly creating about 17.000 jobs in Nigeria.”

Gunther also told journalists that good times between both countries were not over, promising Nigerians that more investments are on the way, especially in the energy and the pharmaceutical sectors.

She revealed that in the energy sector, the Presidential Power initiative is now in the second phase.

She said: “This cooperation with the German energy giant Siemens will add about 7 Gigawatts to Nigeria’s Energy Grid. Secondly, the German –Nigerian cooperation in the Gas sector, eliminating gas flaring and improving Nigeria´s CO2 footprint.”

The envoy revealed that the relationship has also improved in the area of Visa and Migration as no fewer than 7,600 visas were issued to both students and short term stay, adding that plans were already in place to increase the number.

Gunther said: “All the common goals and projects would not work if they were not supported by travels on all levels between our two countries, plus legal migration. Last year alone, the German Embassy here in Abuja and the German Consulate General in Lagos granted around 1400 long-term visas for purposes such as study in Germany, family reunion and employment as well as around 6200 visas for short-term stays such as business and tourism.

She revealed that: “This year, we are well on track to raise those numbers,” stating that:
“The German missions remain committed to furthering the bilateral relations by granting visas to properly documented applications.”

She also assured that in the area of military cooperation, Germany will continue to stand by Nigeria.

She said: “This year marked a new chapter: the launch of our first Bilateral Annual Programme, bringing military experts from both countries together for in-depth exchanges and joint planning.

“Through the Bundeswehr Advisory Group, Germany has been a reliable partner — supporting Nigeria with field medical expertise and counter-IED operations, car mechanical training and other interventions.

“And we’re not stopping here. Germany will continue to stand with Nigeria in the fight against terrorism.

“Next month, we’ll take this cooperation to the next level: for the first time, high-level military staff talks will take place in Abuja, opening the door to even closer collaboration in the future.”

She also revealed other areas of cooperation which includes support for the Nigeria police force and the drug enforcement agency amongst others.

In the area of stabilization efforts at containing impacts of terrorism and climate change, the envoy said: “Germany is supporting the development of resilient state institutions and the strengthening of local communities.”

She said focus are on the North East (Borno, Adamawa, Yobe) and the North West (Zamfara, Sokoto, Katsina), “where initiatives such as the reconstruction of schools, health centres, markets, housing, and police stations are improving both security and daily life for local people.”

Nigeria-Germany Trade Volume Hits €3 billion – Envoy

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